Jack Scoville, PRICE Futures Group vice-president, says the markets are being supported by plenty of speculation activity.

"This rally seems to be backed by some 'short' position-type trading by commercials, but mostly a lot of speculative buying," Scoville says.

Scoville adds, "My little guys are buying and my big guys are quiet. Seeing some profit-taking coming in above the market. So, any rallies should see some selling interest. Not a huge volume day, so far. I was busier last night! It is still weather, but charts now imply a move to $8.50 Dec Corn and $17.00 Nov soybeans. So, there is some of that kind of buying around too," he says.